Real Estate Transactions

APARTMENTS: Situs Asset Solutions represented Petra Capital Management, a New York-based hedge fund focused on real estate debt, in the sale of the Palms on Westheimer, a 798-unit garden apartment community on 18 acres at 6425 Westheimer, two miles west of the Galleria. Post Investment Group purchased the property. Maury Bronstein and David Malev of Situs were part of the team that managed and sold the asset. Situs began servicing the loan on the property in 2006, acted as special servicer for the loan once it became nonperforming, served as court-appointed receiver during the foreclosure process, and managed and repositioned the property prior to bringing it to market. The complex generated 17 offers. Situs Asset Solutions is the brokerage arm of the Situs Cos.

INDUSTRIAL: FluoroSeal has purchased a 7,800-square-foot building at 13350 S. Gessner. Miles Maddox and Mike Spears of the National Realty Group represented the seller, Graystone Commerce Park.

LAND: The estate of Sadie Kathleen Williams has sold 239 acres on Old Houston Road, two miles from FM 1314. The property included a 6-acre lake and San Jacinto river frontage. Sheila Dowell of Keller Williams, The Woodlands, represented the seller. Bobby Bryant of Houston Prime Realty represented the buyer.

LAND: MJ Leasing has purchased 2.5 acres on the west side of Fry Road south of FM 529 from Hi Fry 10.18. Jerry Turboff of Prime Capital Corp. represented both parties in the transaction. The buyer plans to build a retail center on the site.

INDUSTRIAL: Servando Davelos has purchased a 3,500-square-foot building at 1345 N. Shepherd from Wilrich & Associates. Stephen Fotiades and Mike Spears of the National Realty Group represented the seller.

LAND: Gold Pon Noble Garden has purchased 25 acres at Clay Road and Katy Hockley Cut-off for a residential development. The seller was Ahmad El Naggar. The closing was held at Alamo Title with Steve Rachal.

MIXED USE: The ownership structure of CityCentre in the Memorial area has changed. A partnership between an affiliate of Midway Cos. and a fund managed by L&B Realty Advisors has sold CityCentre II, a 149,827-square-foot property within the 1.8 million-square-foot CityCentre development at Interstate 10 and Beltway 8. H. Dan Miller, Martin Hogan and Trent Agnew of HFF represented Midway Cos. and L&B Realty Advisors. Concurrently, Jones Lang LaSalle arranged the joint venture equity between LaSalle Investment Management and Midway Cos. for the acquisition of CityCentre II and for the development of CityCentre III. Scheduled for completion by late next year, CityCentre III will contain 103,000 square feet of office space and 17,000 square feet of retail space. It is 43 percent pre-leased. CityCentre II was completed in 2009 and is 90.2 percent leased. The Jones Lang LaSalle team representing Midway Cos. was led by Tom Fish, James Tramuto and Robby Zorich.

OFFICE: Stonebridge has moved to 801 Travis, where it has leased 4,000 square feet from Moody Rambin Interests. Drew Morris of Studley represented the tenant. The Houston office serves as the headquarters of the information technology consulting firm’s Texas business operations and its Oil & Gas Solutions consulting practice.

OFFICE: WhiteHat Security has leased 7,257 square feet in the Decorative Center Houston at 5120 Woodway for a new Threat Research Center to help clients in the central United States improve their information security and avoid hacker attacks. Coy Davidson of Colliers International represented the tenant. Monte Calvert of Transwestern Commercial Services represented the landlord, Decorative Center Houston. The company selected Houston for its first office outside of Silicon Valley because of its strength of technology talent and local universities.

RETAIL: Marshalls will open a 25,000-square-foot store on Sept. 29 in the Almeda Crossing Shopping Center at Interstate 45 South and Almeda Genoa Road. Culver Stedman of Edge Realty Partners represented the tenant. Kathy King of Realm Realty represented the landlord, Almeda-Rowlett Retail.

OFFICE: CB Richard Ellis has closed seven transactions totaling 101,888 square feet at Sage Plaza, 5151 San Felipe. The deals are: a 71,913-square-foot lease with PSC, represented by Jim Bailey of Cushman & Wakefield; a 10,008-square-foot lease with Epcot Electric; a 6,911-square-foot renewal with DeGolyer & McNaughton Corp., represented by John Beach with Jackson Cooksey; a 6,677-square-foot renewal with Newmark Knight Frank, represented by Brandi McDonald with Newmark Knight Frank; a 2,233-square-foot lease with Ramex; a 2,109-square-foot renewal to Aerojet Holdings, represented by Justin Leighton with Studley; and a 2,037-square-foot lease with Black & Veatch, represented by Steve Beigel with Studley. Bonnie Kelley of CB Richard Ellis represented the landlord, a fund managed by BlackRock. The 520,453-square-foot tower is now 92 percent leased.

OFFICE: The BVA Group announced its relocation to Wells Fargo Plaza at 1000 Louisiana, Suite 6925. The company provides business valuation, dispute consulting and financial forensics services.

INDUSTRIAL: KBS Realty Advisors has signed two leases at its Clay Crossing Business Center along the Sam Houston Tollway south of Clay Road. Henry Schein Inc., a global distributor of medical, dental and veterinary supplies, has leased 7,500 square feet in Clay Crossing I. Foro Energy, a Denver-based manufacturer of high-power lasers for the oil, natural gas, geothermal and mining industries, will take 6,600 square feet in Clay Crossing II. Nathan Huffman of USI represented Henry Schein Inc., and Steve Adkisson and Stephen Fotiades of the National Realty Group represented Foro Energy. Darryl Noon of Transwestern represented KBS in both transactions. The deals bring occupancy at the four-building complex to 92 percent.

CERTIFICATION: Crescent Real Estate Holdings announced that The Shops at Houston Center and 4 Houston Center have achieved Gold status for Leadership in Energy and Environmental Design for Existing Buildings.

Crescent Real Estate Holdings announced that The Shops at Houston Center and 4 Houston Center are the first Texas mixed-use commercial and retail project to achieve LEED Gold status for existing buildings.

MERGER: CresaPartners has merged with Gibson & Granello Realty Partners. The new company, known as CresaPartners-Houston, will be led by André Granello, Barrett Gibson, David Price and Chuck Goldstein. Sue Rogers, Julie King and Kevin Gardner will continue to be part of the company’s leadership team. The integrated company will house nearly 30 professionals specializing in office, industrial, retail, investment sales and project management.

FALL CREEK: Construction has begun on the Dave Williams Golf Academy at Redstone Golf Club, a joint project of the University of Houston and Redstone. Located in the master-planned community of Fall Creek, the 4,400-square-foot facility will house four indoor
outdoor hitting bays and will be open to the public this fall.

EDGEWATER: Village Builders is introducing a line of three-story townhomes in Marina View at Edgewater. The builder plans 40 townhomes priced from about $280,000 with sizes from 1,900 square feet to 2,800 square feet. Also, DR Horton will offer three-bedroom homes with studies from about $170,000 in a new cul-de-sac neighborhood. The 538-acre community on NASA Parkway in Webster is a project of Johnson Development.

INDUSTRIAL: Jeffrey Barbles and Jim Autenreith of Moody Rambin Interests will handle leasing of the 65,764-square-foot Lockfield Business Center on behalf of Champion Management.